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Daehan Synthetic Fiber Q4 loss narrows YOY

Daehan Synthetic Fiber Co. Ltd. said its normalized net income for the fourth quarter was a loss of 2,657.51 South Korean won per share, compared with a loss of 2,729.23 won per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 2.99 billion won, compared with a loss of 3.07 billion won in the prior-year period.

The normalized profit margin declined to negative 10.7% from negative 8.2% in the year-earlier period.

Total revenue declined 25.1% on an annual basis to 27.98 billion won from 37.37 billion won, and total operating expenses fell 23.3% year over year to 32.35 billion won from 42.18 billion won.

Reported net income totaled a loss of 14.93 billion won, or a loss of 13,294.49 won per share, compared to a loss of 5.23 billion won, or a loss of 4,659.88 won per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 6,879.71 won per share, compared with a loss of 13,342.69 won per share in the prior year.

Normalized net income was a loss of 7.73 billion won, compared with a loss of 14.99 billion won in the prior year.

Full-year total revenue fell 5.4% year over year to 135.36 billion won from 143.12 billion won, and total operating expenses decreased 11.5% year over year to 148.20 billion won from 167.43 billion won.

The company said reported net income totaled a loss of 15.62 billion won, or a loss of 13,909.13 won per share, in the full year, compared with a loss of 14.62 billion won, or a loss of 13,015.00 won per share, the prior year.

As of Feb. 29, US$1 was equivalent to 1,241.88 South Korean won.